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Clamp on fraudsters

THE government may soon take stringent action against fraudsters and entities floating fraudulent investment schemes in the kingdom.

Shura Council's foreign affairs defence and national security committee has approved an article criminalising fraudulent investments, for inclusion in the Penal Code.

Under the proposed amendment, fraudsters and fictitious investors would face jail sentences or fines of no less than BD100,000 and no more than double the value of the embezzled money or any of the penalties.

Conmen will have to repay victims and their criminal revenues will also be seized.

Those collecting money as agents, mediators or salesmen, would, under the amendment, face jail sentences and fines up to BD50,000 or any of the penalties.



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